This may really be the beginning of the bull market for blockchain
- The total market value of the global cryptocurrency market is approximately US$3.19 trillion and has been on an upward trend recently.
- Bitcoin and other major cryptocurrencies have seen significant price increases, driven by increased institutional investment interest and the approval of a Bitcoin spot ETF.
- Despite safety and regulatory concerns, the overall market performance is strong, indicating that we are in a bull market.
Market Overview
Currently, the total market capitalization of the cryptocurrency market has reached 3.19 trillion US dollars, an increase of 1.31% in the past 24 hours (CoinMarketCap). The price performance of Bitcoin has been particularly outstanding, setting new highs recently and has been favored by institutional investors. Additionally, the approval of a Bitcoin spot ETF in 2024 further boosted market confidence and drove prices higher.
Drivers
The arrival of the bull market is mainly due to the following factors:
- Increased institutional interest: Large financial institutions and asset managers are increasingly investing in cryptocurrencies, providing custody services, and launching related investment products.
- Regulatory developments such as the EU’s MiCA regulation (TechTarget) and the US’s crypto-friendly policy shift have increased market stability.
- Technological Development: The application of blockchain technology has expanded to areas such as DeFi, NFTs, and tokenized assets, expanding the market size (Forbes).